An allowance is a classic method for teaching kids about money.
Parents have different ways of implementing them, including the amount they decide to “pay.”
Consider these factors when setting an allowance for your child.
Cheapism runs down a useful list of things to consider when deciding on an appropriate amount.
With some kids, 9 or 10 may be the appropriate age.
As your child learns more about the value of money, you might consider increasing their allowance.
Cheapism recommends upping the amount by fifty cents a year.
Consider what you will chip in and adjust the allowance accordingly.
Of course, you should also consider your own income when coming up with an amount.
double-check you budget for the allowance appropriately.
For a few more tips, check out their full post.
How Much Allowance Is Right for Your Child?| Cheapism
Photo bySteven Depolo.
